Proprietary

Investor Presentation

Needham 2nd Annual SemiCap and EDA Conference

August 24, 2021

Proprietary

Forward-Looking Statements, Non-GAAP Financials and COVID-19This Presentation and the accompanying oral presentation include “forward‐looking statements” within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Ichor Holdings, Ltd. and its subsidiaries(“Ichor” or the “Company”), its financial condition, its results of operations and the potential offering that reflect the Company’s current views andinformation currently available. This information is, where applicable, based on estimates, assumptions and analysis that Ichor believes, as of the datehereof, provides a reasonable basis for the information contained herein. Forward‐looking statements can generally be identified by the use offorward‐looking words such as “may”, “will”, “would”, could”, “expect”, “intend”, “plan”, “aim”, “estimate”, “target”, “anticipate”, “believe”,“continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding Ichor’s plans, strategies, initiatives, objectives,targets and future operating or financial performance. These forward‐looking statements involve known and unknown risks, uncertainties and otherfactors (including those set forth under “Risk Factors” in Ichor’s prospectus), many of which are outside the control of Ichor and its representatives.Actual results, performance or achievements may differ materially and potentially adversely from any projections and forward‐looking statements andthe assumptions on which those forward-looking statements are based. There can be no assurance that the information contained in this Presentationis reflective of future performance to any degree, and readers are cautioned not to place undue reliance on forward‐looking statements as a predictorof future performance. All information in this Presentation speaks only as of the date hereof unless otherwise specified. Ichor undertakes no duty toupdate or revise the information contained herein, publicly or otherwise, whether as a result of new information, future events or otherwise. Forecastsand estimates regarding the Ichor’s industry and end-markets are based on sources we believe to be reliable; however, there can be no assurance theseforecasts and estimates will prove accurate in whole or in part.

This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including,but not limited to, adjusted net income from continuing operations and certain ratios and other metrics derived therefrom. These non‐GAAP financialmeasures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessingIchor’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operationsor other measures of profitability, liquidity or performance under GAAP. You should be aware that Ichor’s presentation of these measures may not becomparable to similarly‐titled measures used by other companies. Non-GAAP reconciliations are contained in Ichor’s SEC filings.

This Presentation also contains estimates and other statistical data made by independent parties relating to market size and growth and other industrydata. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company hasnot independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, itcannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the futureperformance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These andother factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties.

COVID-19 Pandemic and Market Conditions UpdateThe COVID-19 pandemic and related economic repercussions have created, and are expected to continue to create, significant volatility, uncertainty,and turmoil in our industry. Government shutdowns and “social distancing” guidelines are, and will continue to, result in reduced factory capacity. Inaddition, an increase in direct costs within our factories associated with employee personal protective equipment (“PPE”), facility cleaning and layoutchanges, together with increases in logistics costs and employee labor costs, as well as other operating inefficiencies have resulted in, and may continueto result in, lower revenues and operating margins. The extent and duration of these impacts cannot be specifically quantified given the dynamic natureand breadth of the pandemic’s impact on our operations and that of our customers and suppliers.

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Ichor OverviewWorld’s Leading Provider of Critical Fluid Delivery Subsystems and Components for Semiconductor Capital Equipment

Gas and chemical delivery subsystems are key elements of process tools used in the manufacturing of semiconductor devices

Over 20 years of operational history providing design, qualification, manufacturing and testing expertise to key OEMs throughout the product development cycle

Global manufacturing footprint in the US, Malaysia, Singapore, Korea, Mexico and Scotland, with facilities strategically located in close proximity to key customers

Headquartered in Fremont, California with approximately 2,000 full-time-equivalent employees globally

Over $1B in TTM revenues; Expecting a strong growth year in 2021

Gas Delivery Subsystems

Chemical Delivery Subsystems

Weldments & Subassemblies

Precision Machining

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Investment HighlightsCombining Revenue Outperformance and Increasing Profitability to Drive Earnings Leverage and Free Cash Flow

Revenue growth outperforming the industry... Outpacing industry, peers and customers with 5-year CAGR of 26% vs. WFE growth of 13% (1)… 2020 revenues increased 47% YoY and strong growth expected for 2021

Multiple drivers for continued revenue outperformance… Leveraged to largest growth segments within WFE; expanding product offerings and customer base; continued market share gains

Expanding capabilities and SAM… Investments in R&D focused on driving increased IP content in proprietary products; strategic acquisitions added plastics, weldment and precision machining capability, as well as strategic foothold in South Korea – adding ~$2.5B to our SAM(2)

Delivering strong earnings leverage… Increasing profitability through gross margin improvement and close control of opex to drive leverage to bottom line; EPS growing at 2x the rate of YoY revenue growth in 2020 and 2021 to date(3)

(1) CAGR calculated on 2015-2020 period; see following slide for data. (2) Estimated 2020 SAM provided on slide 7. (3) Non-GAAP earnings per share excludes amortization of intangible assets, share-based compensation, non-recurring expenses and discrete tax items.

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$32 $36

$48

$54

$50

$61

$81

$86

2015 2016 2017 2018 2019 2020 2021E 2022E

WFE in $B

$11

$12

$19 $20

$17

$22

$31

$33

2015 2016 2017 2018 2019 2020 2021E 2022E

Primary SAM in $B

$291

$406

$656

$824

$621

$914

$1,177

$1,278

2015 2016 2017 2018 2019 2020 2021E 2022E

Ichor Revenues ($M)

Revenue Growth Outperforming WFE and Primary Process Tool SAM

WFE(1) Dry Etch & CVD(2) Ichor Revenue (3)

(1) Mean of analyst and industry OEM estimates that have been updated since July 2021.(2) Gartner estimates through 2017; Needham estimates for 2018-2022 as of 7/28/21. (3) 2021 and 2022 estimates represent Street analyst consensus as of 8/16/21.

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9%

10%

11%

12%

13%

14%

15%

16%

2015 2016 2017 2018 2019 2020 2021E

WFE as % of Semi. Rev.

$-

$2

$4

$6

$8

$10

$12

2017 2018 2019 2020 2021E2022E

EUV Est. Sales ($B)

-

0.50

1.00

1.50

2.00

2.50

64L 256L 1x node 1B node 14/16nm 5nm

Key Technology Transitions Driving Growth in Ichor SAM

(1) Semi. Industry revenues and WFE Estimates from UBS Research July 2021. (2) Lam Research Analyst Day Presentation (March 2020), normalized to 1.0 at starting node. (3) 2017 estimated EUV revenues: KeyBanc Research; 2018-2022E EUV market size: Evercore Research as of June 2021.

WFE Intensity Increasing(1) Etch and Deposition Intensity Increasing(2) EUV Ramping(3)

NAND

Foundry and Logic

64L 96L 128L 192L 256L

14/16nm 10nm 7nm 5nm 3nm

Geometries becoming far more complex

Impact of defects magnified

Requiring faster etch rates, more control, higher development and production costs

Increased etch and deposition intensity at each node transition

More fluid delivery content per system

Increasing opportunity for EUV on key layers offers incremental gas delivery SAM

Gate-All-Around

FinFET

3D NAND SAM Foundry/Logic SAMDRAM SAM

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Served Markets and Market Opportunity

Gas Delivery($1.5B)

Chemical Delivery(including LDM)

($0.7B)

Sub-Assembly (Weldments)

($1.0B)

Precision Machining($0.6B)

Other Components($0.2B)

Expanding SAM of $4B with Multiple Growth Opportunities

Customer

OpportunityEstablished Position

1

2

3

4

5

6

Eval

7

8

U.S.

Europe

S. Korea

Japan

9

Others

Current Share (est.): >30% <10% <25% 5% 5%Note: Represents company’s estimated size of served markets in 2020.

Approx. 65% of WFE Market Requires Fluid Delivery Subsystems or Components

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Track Record of Successful M&A

• Expansion of chemical delivery SAM

• Development of proprietary LDM product

• Annual revenue expectation at close: $30 million

• Expansion of weldment SAM

• Expansion of weldment and sub-assembly capabilities

• Annual revenue expectation at close: $65-$80 million

• Expansion of precision machining, weldment and gas delivery SAMs

• Expansion of gas delivery component IP portfolio

• Annual revenue expectation at close: $70-$90 million

IAN Engineering

• Expansion of customer and geographic footprint into South Korea

• Expansion of gas delivery, weldment and liquid delivery opportunity

• Annual revenue expectation at close: $20 million

• Expansion of flow control product & IP portfolio via asset purchase

• Valuable intellectual property for developing next-generation gas panel

• Expansion of precision machining SAM

• Expansion of precision machining capabilities in a low-cost region

• Year-to-date revenue: <$10 million

Key M&A StrategiesKey M&A Strategies

Expand Portfolio of Proprietary Product Offerings

Expand Served Markets and Geographic Footprint

Gain Market Share with KeyOEM Customers

Expand and Diversify Customer Base

Accretive to Gross and Operating Margins; Target Returns > WACC

2016 2017 2017

2018 2019 2020

Acquisitions have expanded Ichor’s SAM, Customer and Geographic Footprint and/or Product and IP Portfolio

Acquisitions have expanded Ichor’s SAM, Customer and Geographic Footprint and/or Product and IP Portfolio

(Mexico Division)

Flow Control IP

Deal Value: $18 million Deal Value: $50 million Deal Value: $130 million

Deal Value: $7 million

Note: Acquisition revenue contribution amounts for Cal-Weld, Talon Innovations and IAN Engineering based on expected annual revenue contributions as disclosed in transaction announcement press releases. Ajax revenue annualized based on $20 million in revenue generated for the 8 months ended 12/31/16. CRM (Mexico Division) revenue based on year-to-date revenue as disclosed in transaction announcement press release.

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2.7%

3.9%

1.9%

2.6%

0.9%

1.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

2015 2020

Ichor's Expanding Share (1)

Top 2 customers combined Top 3 customers combined Total Sales % of WFE

Growing Share of Semiconductor System Sales

(1) Represents Ichor’s sales to its top 2 and top 3 customers combined, respectively, divided by their combined new semiconductor system sales. (2) 2015 estimated WFE of $32.4B vs. 2020 estimated WFE of $60.6B.

Industry Trends

Increasing trend toward outsourcing

Increasing importance of etch and deposition

Advanced devices require more fluid delivery/content per tool

Ichor Execution

Market share gains

Accretive and complementary acquisitions

Expanded product offerings

Levered to etch and deposition

Key role in EUV ramp

Multiple Drivers for Increasing Share of Industry Revenues

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Key Financial Strategies

Focus on semi: next-generation device nodes require more fluid delivery

Market share gains; Continued trend toward outsourcing; Expand global footprint

Accretive and complementary M&A

Levered to etch, deposition and EUV

Outgrow the Industry

Grow share in higher-margin components businesses

e.g., Weldments and Precision Machining

Increase content of proprietary IPe.g., Next-Gen Gas Panel, Liquid Delivery Module

Drive incremental cost reduction programs

COVID-related costs to eventually resolve

Drive Gross Margin Improvement

Combined with Tight Control of OpEx to Drive Significant Earnings Leverage

Along with Capital-Efficient Business Model to Drive Significant Free Cash Flow

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(Revenue $M) (EPS)

9 Straight Quarters of Sequential Revenue Growth; Guiding for a 10th

Strong Earnings Leverage(1)(2)

EPS grew at 2x revenue growth in 2020

1H’21 EPS up 57% YoY on revenue growth of 24%

Positive Outlook for Q3 and Q4(3)

Q3 revenue of $290M - $320M

Q3 EPS of $0.90 - $1.06

Q4 stronger than Q3 2021

Strong Balance Sheet

$247M of Cash as of June 25, 2021

• $139M net proceeds from December equity offering

$168M of Debt as of June 25, 2021

$82M in TTM Free Cash Flow

Debt/EBITDA <1.25x

Interest Expense ~$1.5M/quarter

(1) Non-GAAP earnings per share excludes amortization of intangible assets, share-based compensation, non-recurring expenses and discrete tax items. (2) EPS presented on a non-GAAP basis. Non-GAAP earnings per share excludes amortization of intangible assets, share-based compensation, non-recurring expenses and discrete tax items. (3) Based on guidance and outlook provided as of 8/3/21.

Quarterly Momentum at Top and Bottom Lines

$138 $139

$154

$189

$220 $222$228

$245

$265

$282

$305

$0.25$0.23

$0.30

$0.48

$0.52$0.54

$0.62

$0.81

$0.76

$0.90

$0.98

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$0

$50

$100

$150

$200

$250

$300

Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21Midpt.(2)

Sales EPS (3)

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Target Model with Significant Operating Leverage

(1) Non-GAAP results and model reflect net income from continuing operations; excluding amortization of intangible assets, share-based compensation expense, tax adjustments related to those non-GAAP adjustments, tax benefits from acquisitions and non-recurring charges. Non‐GAAP EBITDA is defined as Non‐GAAP net income from continuing operations, excluding interest, non‐GAAP income tax expense (benefit) and depreciation.

($ in millions)

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Strong Free Cash Flow Generation

(1) Pre-IPO cash balance as of Sept. 23, 2016(2) Total increase in debt between Sept. 23, 2016 and June 25, 2021, less issuance & modification costs(3) Total cash flow from operations between Q4 2016 and Q2 2021(4) Net of employees' taxes paid by the company upon vesting of RSUs(5) Cash as of June 25, 2021

($ in millions)Prudent & Efficient Capital Deployment Strategy since IPO

$25

$54

$139

$87

$257

$33

Total Sources of Capital

Beginning cash (1) IPO proceeds

Proceeds from 2020 equity raise Debt proceeds (2)

Cash flow from operations (3) Employee option exercises (4)

$196

$92

$62

$247

Total Uses of Capital

M&A Stock buybacks Capex Cash on hand (5)

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Industry-Leading Execution of Strategic Objectives

Business Objectives Financial Objectives

Conclusion

Expanding Share at Top Semi Cap Customers

Expanding Product Offerings and IP Content

Expanding Customer Base

Accretive and Strategic M&A

Revenue Growth Outpacing Industry

Strong Profitability Through Industry Cycles

Financial Model with Operating Leverage

Scalable and Capital-Efficient Business Model